Crypto OGs love a 'crypto winter' because the fakers clear out and the builders keep building, a top Coinbase exec says

The president and COO of the company is Emilie Choi.

You can find it on Coinbase/YouTube.

The "crypto winter" filters out the skeptics, according to the executive.
That's a time when digital assets are at their lowest prices in years, coming after a recent bullish run higher.

The OGs in the space love winter. "Brian Armstrong loves a winter, like, I am the COO of the CEO of the company that sells coins," she said in an interview.

The builders keep building because the fakers get out of the space. She said that they can focus without all the hype.

According to Choi, investors shouldn't expect to make quick gains.

She said that people who benefit disproportionately from the technology tend to ride it out on the long term and be holders throughout the ups and downs. It's definitely not for the faint of heart.

She said that it's one of those things where you have to believe in the idea that long term.

It's probably not a good thing if you're a short-term investor.

In November, the leading cryptocurrencies hit its all-time high of almost $69,000, having doubled in price in the months since July. It's down almost 30% from the record, and is currently trading around $48,520. The token is up over 70% for the year so far.

In the last three months, second-place ether has fallen 20% to $4,064. The coin has gone up about 455% in the year 2021.

In the days leading up to the Federal Reserve's monetary policy decision on Wednesday, the price of cryptocurrencies fell as investors worried about the prospect of faster cuts to the Fed's monetary policy. The Fed is trying to tackle inflation, and many people think that it's because of bitcoin.

Jesse Powell, the CEO of Kraken, recently said that a winter of cryptocurrencies is possible, but that it would be a buying opportunity.
The reason for the high prices on Tuesday was explained in the interview. Many users thought they'd scored enormous gains when CoinMarketCap began displaying inaccurate prices.

We depend on another provider for data. There was a glitch. "It didn't cause anything other than the superficial thing that you saw with the pricing."

The incident is indicative of an emerging industry, and the company is still building out infrastructure to make sure that this stuff scales in the right way.

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Business Insider has an original article.